I hear you... if I were still living in the USA, I would look at doing this for sure. Now that the car and I are in Australia, I am quite hesitant. Reason being that this k8nd of modification is just that... A modification to the car's suspension and steering. If such a modification was done, I believe it would need to be certified by a transport Engineer, with a mod plate and then your insurance company notified. I am sure people just want go ahead and do the modification, but what happens if there is an accident and an investigation? See what I'm saying?
I would just start a thread asking about the legality of the drop etc as I'm sure that many people will know about it or will know how you can find out, plus the 65/66 shelbys came that way, and I'm guessing they do not need any certification to be licensed in oz, plus, even if it is not legal, what happens if they find out you did it? . Can you simply say you bought it that way and they will just make you raise the arm back up, or will you have to have the holes welded up etc?
As far as an accident goes, if you cause one, it seems like they will have to prove that the drop caused it.
As far as your insurance not covering you if this mod needed to be certified and was done but not certified, you might get an answer if you call them.
If it was me, it certainly would be worth the little extra effort it takes to find these things out if I wanted to drive the car a bit harder.